EMERGENT CAPITAL MARKETS’ EFFICIENCY: THE CASE OF POLAND

Main Article Content

Massoud Metghalchi
Adriano Pinho
Adriana Sarmento

Abstract

We apply two well-known technical indicators to the Polish Stock index over the period of 9/4/1998 to 4/18/2013. Our findings support the predictive power of technical trading rules for each sub-period and for the entire period. We then ask whether an investor can use the predictive power of technical analysis to beat the profitability of the buy-and-hold strategy considering both transaction costs and risk. We conclude that it is not possible to beat the buy and hold strategy when considering transaction costs and risk. We could say the Polish market is efficient. 

Article Details

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Articles
Author Biographies

Massoud Metghalchi, University of Houston - Victoria

Professor of finance, school of business administration, University of Houston - Victoria

Adriano Pinho, Graduate Student, UHV

Graduate Student, UHV

Adriana Sarmento, Graduate Student, UHV

Graduate Student, UHV

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